Economic reform still needed: ACCI

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Regardless of which party claims the election victory, the new government must commit to maintaining business confidence through investment and job creation according to the Australian Chamber of Commerce and Industry (ACCI).

James Pearson, CEO of the ACCI, says the nation cannot afford through more years of policy gridlock.

“Whichever major party forms government, they will need to build a constructive relationship with the crossbench to get things done,” Pearson says. “This takes goodwill on all sides. The business community is ready to play its part in contributing to the development of sound policies.”

Pearson highlights the ACCI’s Top 10 in 10 plan to regain Australia’s place in the top most competitive nations is targeted at all parties.

“Our plan sets out ways to support the vulnerable through private sector job opportunities, and targeted, more efficient government spending to support education and training and pay for a strong social safety net. We urge all parties to look carefully at these policies and work with the business community to put them into practice.”

Pearson is also calling for the company tax cut to be legislated as soon as the next government returns to parliament.

“Uncertainty remains for owners of small and medium enterprises with a turnover of up to $10 million, and for larger businesses. This is disappointing,” Pearson says.

“Australia cannot afford the risk posed by isolationist and populist policies and the next government must get public sector spending under control, to tackle the very real challenges facing Australia in an uncertain world.”

The ACCI’s Top 10 in 10 steps are as follows:

1.Give young people a chance to success by making it easier for employers to take on apprentices and trainees.

2.Ensure government spending is sustainable by reducing it to less than 25% of GDP.

3.Help industries growth through workplace regulation that better responds to their needs.

4.Let entrepreneurs get on with growing their businesses by reducing government red tape each year.

5.Create jobs by allowing employers and employees to negotiate workplace arrangement that best meet their needs.

6.Boost incomes by cutting the company tax rate to 25% within 10 years through annual reductions.

7.Build the transport, communications and energy facilities we need by backing the independent plan of Infrastructure Australia.

8.Lower building costs by bringing back and retaining the Australian Building and Construction Commission.